Deals and Financings
MabSpace Biosciences, a Suzhou antibody company, raised $15 million in a Series A funding, all of which came from Lilly (NYSE: LLY) Asia Ventures (see story). MabSpace’s proprietary technology breaks the tolerance of the immune system for human/mouse antigens that are not recognized as foreign. MabSpace has formed several partnerships with other pharmas, and it is also developing its own portfolio of drug candidates.
China’s state-owned CITIC Group, a private equity investor, has made a takeover bid for Biosensors International (SI: BIOS), a Singapore company that makes medical devices for interventional cardiology and critical care procedures (see story). CITIC already owns 21.7% of Biosensors. In 2013, CITIC’s CB Medical subsidiary paid $312 million to acquire the stake from Shandong Weigao Group Medical Polymer. That transaction valued Biosensors at more than $1.5 billion, but its current market cap is $824 million.
Cipla (BSE: 500087), one of India’s top five drugmakers, will sell its 25% stake in Biomab Holding to its partner, Biomab Brilliant Ltd., for $26 million (see story). After the transaction, Biomab Brilliant will own 100% of the biosimilar company, which is headquartered in Hong Kong, though its operations are in Shanghai. Cipla invested $25 million in Biomab in 2010. Now, Cipla will focus on its own biologics operations in India.
Shandong Luoxin Pharma (HK: 8058) in-licensed China rights to a gastritis anti-ulcer drug from CJ Healthcare of South Korea (see story). Luoxin paid $10.5 million upfront and will pay royalties that could total an additional $82 million. Luoxin will manufacture the drug, CJ-12420, which has begun a Phase III trial in South Korea. Luoxin expects to market the drug as a treatment for regurgitation gastritis and gastroesophageal reflux disease.
CRO/CMO News
WuXi PharmaTech (NYSE: WX) has formed a partnership with Gilead Sciences (NSDQ: GILD) under which WuXi will equip and operate a dedicated lab in Shanghai for Gilead’s small-molecule new chemical entities (see story). The 12,500 square foot cGMP-compliant analytical testing facility will conduct analytical and stability studies. WuXi and Gilead have been working together for some time, the companies said.
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